Target Corporation Announces Final Results of Any and All Tender Offers and Maximum Payment Amount for Pending Maximum Tender Offers

Target Corporation (“Target”) (NYSE:TGT)
today announced that, pursuant to its previously announced tender offers
to purchase for cash its debt securities listed in the tables below
(collectively, the “Securities” and each a “series”
of Securities), $209,262,000 in aggregate principal amount of Securities
subject to the Any and All Tender Offers (as defined below) were validly
tendered and not validly withdrawn prior to the expiration of the Any
and All Tender Offers at 11:59 p.m., New York City time, on March 20,
2013 (such time and date, the “Any and All
Expiration Date”), according to the information provided by
Global Bondholder Services Corporation, the tender and information agent
for such tender offers, as more fully set forth below. All of such
Securities have been accepted for purchase. Target expects to make
payment for the applicable Any and All Notes in same-day funds today,
March 21, 2013.

The tender offers consist of two separate groups of offers (each a “Tender
Offer”, and collectively, the “Tender Offers”)
on the terms set forth in the offer to purchase and related letter of
transmittal, each dated March 13, 2013 (as they may be amended or
supplemented, the “Tender Offer Documents”),
with (i) Tender Offers to purchase any and all (the “Any
and All Tender Offers”) of the three series of Securities listed
in the first table below (collectively, the “Any
and All Notes”), and (ii) Tender Offers to purchase up to the
Maximum Payment Amount (as defined below) (the “Maximum
Tender Offers”) of the eight series of Securities listed in the
second table below (collectively, the “Maximum
Tender Offer Notes”). Target refers investors to the Tender Offer
Documents for the complete terms of the Tender Offers.

Any and All of the Outstanding Securities
Listed Below

Title ofSecurity

CUSIPNumber

PrincipalAmountOutstanding

U.S. TreasuryReferenceSecurity

ReferenceYield

FixedSpread(BasisPoints)

TotalConsideration (1)

PrincipalAmountTendered

PercentTenderedof AmountOutstanding

6.75% Debentures due 2028

239753DJ2

$170,000,000

2.750% due November 15, 2042

3.197%

+75 bps

$1,311.50

$34,521,000

20.31%

6.65% Debentures due 2028

239753DL7

$154,900,000

2.750% due November 15, 2042

3.197%

+75 bps

$1,309.07

$39,073,000

25.22%

7.00% Debentures due 2031

87612EAF3

$354,000,000

2.750% due November 15, 2042

3.197%

+75 bps

$1,395.38

$135,668,000

38.32%

(1) Per $1,000 principal amount of Any and All Notes.

Up to the Maximum Payment Amount of the
Outstanding Securities Listed Below

Title of Security

CUSIPNumber

PrincipalAmountOutstanding

AcceptancePriorityLevel

FixedSpread(BasisPoints)

U.S. TreasuryReferenceSecurity

BloombergReferencePage

EarlyTenderPayment(2)

7.000% Notes due 2038

87612EAU0

$2,250,000,000

1

+90 bps

2.750% due November 15, 2042

FIT1

$30

6.35% Debentures due 2032

87612EAK2

$550,000,000

2

+80 bps

2.750% due November 15, 2042

FIT1

$30

6.500% Notes due 2037

87612EAR7

$1,250,000,000

3

+95 bps

2.750% due November 15, 2042

FIT1

$30

9 7/8% Debentures due 2020

239753BC9

$38,650,000

4

+55 bps

2.000% due February 15, 2023

FIT1

$30

8 7/8% Debentures due 2022

239753BL9

$21,628,000

5

+80 bps

2.000% due February 15, 2023

FIT1

$30

9.70% Debentures due 2021

239753BG0

$27,715,000

6

+65 bps

2.000% due February 15, 2023

FIT1

$30

8.80% Debentures due 2022

239753BM7

$40,830,000

7

+80 bps

2.000% due February 15, 2023

FIT1

$30

9% Debentures due 2021

239753BJ4

$16,652,000

8

+70 bps

2.000% due February 15, 2023

FIT1

$30

(2) Per $1,000 principal amount of Maximum Tender Offer Notes. The Total
Consideration (as defined below) for Maximum Tender Offer Notes validly
tendered at or prior to the Early Tender Date (as defined below) and
accepted for purchase is calculated using the applicable Fixed Spread
and is inclusive of the Early Tender Payment.

The maximum aggregate Total Consideration and Late Tender Offer
Consideration (each as defined below) to be paid in connection with the
Maximum Tender Offers has been set at $914,268,003 (rounded to the
nearest dollar) (the “Maximum Payment Amount”).
Such Maximum Payment Amount is equal to $1,200,000,000 less
$285,731,997 (rounded to the nearest dollar), the aggregate Total
Consideration for the Any and All Notes validly tendered and accepted
for purchase.

The Maximum Tender Offers are for up to the Maximum Payment Amount. If
any Maximum Tender Offer Notes are validly tendered such that the Total
Consideration and Late Tender Offer Consideration payable for such
Maximum Tender Offer Notes exceed the Maximum Payment Amount, the
Maximum Tender Offer Notes will be purchased in accordance with the
acceptance priority levels set forth in the second table above and may
be subject to proration as described in the Tender Offer Documents.

As previously announced, the Maximum Tender Offers will expire at 11:59
p.m., New York City time, on April 10, 2013, unless extended or earlier
terminated (such date and time, as the same may be extended, the “Maximum
Tender Expiration Date”). Holders of Maximum Tender Offer Notes
must validly tender and not validly withdraw their Maximum Tender Offer
Notes at or prior to 5:00 p.m., New York City time, on March 27, 2013,
unless extended or earlier terminated (such date and time, as the same
may be extended, the “Early Tender Date”)
to be eligible to receive the Total Consideration, which is inclusive of
an amount in cash equal to the amounts set forth in the second table
above under the heading “Early Tender Payment” (the “Early
Tender Payment”). Holders of Maximum Tender Offer Notes who
validly tender their Maximum Tender Offer Notes after the Early Tender
Date but at or prior to the Maximum Tender Expiration Date will be
eligible only to receive an amount equal to the Total Consideration minus
the Early Tender Payment (the “Late Tender Offer
Consideration”).

Maximum Tender Offer Notes may be validly withdrawn at any time at or
prior to 5:00 p.m., New York City time, on March 27, 2013 unless such
date and time is extended or earlier terminated by Target, but not
thereafter.

The “Total Consideration” will be
determined in the manner described in the Tender Offer Documents at 2:00
p.m., New York City time, on March 28, 2013, unless extended or earlier
terminated. Holders will also receive accrued and unpaid interest on
Maximum Tender Offer Notes validly tendered and accepted for purchase
from the last interest payment date up to, but not including, the date
Target makes payment in same-day funds for such Maximum Tender Offer
Notes, which date is anticipated to be April 11, 2013.

Only registered holders of Maximum Tender Offer Notes are entitled to
tender Maximum Tender Offer Notes pursuant to the Maximum Tender Offers.
A beneficial owner of Maximum Tender Offer Notes that are held of record
by a custodian bank, broker, dealer, commercial bank, trust company or
other nominee must contact the nominee and request that such nominee
tender such Maximum Tender Offer Notes on the beneficial owner’s behalf
prior to the Early Tender Date, in order to receive the Total
Consideration for the Maximum Tender Offer Notes, or, in the case of
Maximum Tender Offer Notes tendered after the Early Tender Date, but
prior to the Maximum Tender Expiration Date, in order to receive the
Late Tender Offer Consideration.

Information Relating to the Tender OffersCitigroup Global
Markets Inc. and J.P. Morgan Securities LLC are the lead dealer managers
for the Tender Offers. Investors with questions regarding the Tender
Offers may contact Citigroup Global Markets Inc. at (800) 558-3745
(toll-free) or (212) 723-6106 (collect) or J.P. Morgan Securities LLC at
(866) 834-4666 (toll-free) or (212) 834-4811 (collect). Global
Bondholder Services Corporation is the tender and information agent for
the Tender Offers and can be contacted at (866) 873-7700 (toll-free) or
(212) 430-3774 (collect).

None of Target or its affiliates, their respective boards of directors,
the dealer managers, the tender and information agent or the applicable
trustee with respect to any Securities is making any recommendation as
to whether holders should tender any Securities in response to any of
the Tender Offers, and neither Target nor any such other person has
authorized any person to make any such recommendation. Holders must make
their own decision as to whether to tender any of their Securities, and,
if so, the principal amount of Securities to tender.

This press release is for informational purposes only and is not an
offer to buy, or the solicitation of an offer to sell, any of the
Securities. The full details of the Tender Offers for the Securities,
including complete instructions on how to tender Securities, are
included in the Tender Offer Documents. Holders are strongly encouraged
to read carefully the Tender Offer Documents, including materials filed
with the Securities and Exchange Commission and incorporated by
reference therein, because they contain important information.

Holders may obtain a copy of the Tender Offer Documents, free of charge,
from Global Bondholder Services Corporation, the tender and information
agent in connection with the Tender Offers, by calling toll-free at
(866) 873-7700 (bankers and brokers can call collect at (212) 430-3774).
Holders are urged to carefully read these materials prior to making any
decisions with respect to the Tender Offers.

About TargetMinneapolis-based Target Corporation (NYSE:
TGT) serves guests at 1,804 stores – 1,784 in the United States and 20
in Canada – and at Target.com. Since 1946, Target has given 5 percent of
its profit through community grants and programs; today, that giving
equals more than $4 million a week. For more information about Target’s
commitment to corporate responsibility, visit Target.com/corporateresponsibility.